Rpt fitch assigns fct ginkgo compartment sales finance 2013 1 expected rat

← Homepage

(Repeat for additional subscribers)Nov 27 (The following statement was released by the rating agency)Fitch Ratings has assigned FCT Ginkgo Compartment Sales Finance 2013-1's notes expected ratings as this site TBD Class A: 'AAA(EXP)sf'; Outlook StableEUR TBD Class B: 'AA(EXP)sf'; Outlook StableEUR TBD Class C: 'A+(EXP)sf'; Outlook StableEUR TBD Class D: NR(EXP)The final ratings are contingent upon the receipt of final transaction documents, in line with those already received and analysed, as well as the satisfactory review of the transaction legal opinions to support the agency's analytical approach.

The expected ratings are based on Fitch's assessment of CA Consumer Finance's (CACF, A/Stable/F1) origination and servicing procedures in its capacity as originator and servicer of the transaction, the agency's expectations of future asset performance in the light of the current and forecast economic environment in France, the available credit enhancement and the transaction's legal structure. KEY RATING DRIVERS Fitch views the key rating drivers for the transaction as being (i) the underlying receivables credit risk; (ii) the early amortisation triggers in place, which along with eligibility criteria portfolio limits and available CE, prevent deterioration of the portfolio quality during the revolving period; (iii) the monthly transfer of borrowers' details, the commingling reserve and the reserve fund, which together with other provisions adequately mitigate servicing continuity risks; and (iv) the stable to declining asset performance outlook for French consumer assets.

TRANSACTION CHARACTERISTICS The issuance proceeds will be used to purchase a portfolio of consumer loan receivables including home equipment, recreational vehicle, new vehicle and used vehicle loans originated by CACF, the consumer finance arm of Credit Agricole (A/Stable/F1) in France. This is CACF's seventh consumer loans securitisation transaction. The transaction envisages a 12-month revolving period, during which further receivables can be transferred to the issuer each month. In Fitch's view, the early amortisation triggers in place, along with eligibility criteria, portfolio limits and available CE, adequately address the risk of a significant deterioration of the underlying asset quality. However, in line with its criteria, the agency has taken into account possible migration to a riskier pool composition allowed by the portfolio limits.

Credit enhancement for the class A notes will be equivalent to 25.3% at closing, provided by overcollateralisation via subordination and a reserve fund. Subordination for the class A notes will be provided by the class B notes (6.1%), the class C notes (4.6%) and the class D notes (13.1%). In addition, a reserve fund, representing 1.5% of the initial notes balance and primarily available for liquidity, will provide credit enhancement at maturity or if an accelerated amortisation event has occurred. Finally, the transaction will benefit from excess spread. The provisional portfolio amounted to EUR756.2m as of end-September 2013 and consisted of 94,873 loan contracts, with an average outstanding principal balance of EUR7,971 and a weighted average remaining term of 74.3 months. All the loans bear a fixed interest rate and are amortising with constant monthly instalments. RATING SENSITIVITIES Fitch tested the rating sensitivity of the notes to various scenarios, including an increase in the base case default rate and/or a decrease in the base case recovery rate for the portfolio. The model- implied sensitivities indicate that an increase in the base case default rate by 50% together with a decrease in the base case recovery rate by 50% may result in a five-notch downgrade of the class A notes, to 'Asf' from 'AAAsf', a five-notch downgrade of the class B notes, to 'BBB+sf' from 'AAsf' and a five-notch downgrade of the class C notes to 'BBB-sf' from 'A+sf'. A presale report, including further information on transaction related stress, key rating drivers and rating sensitivities, as well as material sources of information that were used to prepare the credit rating, is available at this site Link to Fitch Ratings' Report: FCT Ginkgo Compartment Sales Finance 2013-1here var $relatedItems = $('lia "/article/idUSFWN1EU0JJ"BRIEF-Sesac says it will be acquired by Blackstone/a/lilia "/article/riyad-bank-dividend-idUSD5N1E9002"Saudi\'s Riyad Bank recommends lower cash dividend for H2 2016/a/li'), $relatedItems = $relatedItems.slice(0,10), relatedBlockLimit = Number('6'), relatedItemsTotal = $relatedItems.length, $paragraphTags = $('#article-text p'), contentParagraphs = 0, minParagraphs = Number("8"); for (i=0; i $paragraphTags.length; i++) { if ($paragraphTags[i].innerText.trim().length 0) { contentParagraphs = contentParagraphs + 1; } } if (contentParagraphs minParagraphs) { setTimeout(function(){ if (relatedItemsTotal relatedBlockLimit) { $('.first-article-divide').append('div class="related-content group-one"h3 class="related-content-title"Also In Financials/h3ul/ul/div'); $('.second-article-divide').append($('.slider.slider-module')); $('.third-article-divide').append('div class="related-content group-two"h3 class="related-content-title"Also In Financials/h3ul/ul/div'); var median = (relatedItemsTotal / 2); var $relatedContentGroupOne = $('.related-content.group-one ul'); var $relatedContentGroupTwo = $('.related-content.group-two ul'); $.each($relatedItems, function(k,v) { if (k + 1 = median) { $relatedContentGroupOne.append($relatedItems[k]); } else { $relatedContentGroupTwo.append($relatedItems[k]); } }); } else { $('.third-article-divide').append($('div class="related-content group-one"h3 class="related-content-title"Also In Financials/h3ul/ul/div')); $('.related-content ul').append($relatedItems); } },500); } Next In Financials BRIEF-CME Group reached record average daily volume of 15.6 mln contracts in 2016 * Cme group reached record average daily volume of 15.6 million contracts in 2016, up 12 percent from 2015 Dubai Islamic Bank requests proposals for dollar sukuk - sources DUBAI, Jan 4 Dubai Islamic Bank (DIB) has asked banks to submit proposals to arrange a potential U.S. dollar-denominated sukuk issue, sources familiar with the situation said on Wednesday. BRIEF-Colliers International UK acquires hospitality asset management firm * Colliers international uk acquires market leading hospitality asset management firm MORE FROM REUTERS window._taboola = window._taboola || []; _taboola.push({ mode: 'organic-thumbnails-a', container: 'taboola-recirc', placement: 'Below Article Thumbnails - Organic', target_type: 'mix' }); Sponsored Content @media(max-this site) { #mod-bizdev-dianomi{ height: 320px; } } From Around the Web Promoted by Taboola window._taboola = window._taboola || []; _taboola.push( { mode: 'thumbnails-3X2', container: 'taboola-below-article-thumbnails', placement: 'Below Article Thumbnails', target_type: 'mix' } ); window._taboola = window._taboola || []; _taboola.push

A website like http://appspy.net will provide you with the highest quality in the industry.